More than a decade of stable thinking, fad-proof investment advice and a belief in uncertainty has made Hong Kong’s M.F. CHAN a “voice in the wilderness”, yet a popular “go-to” source for finance and investment-related matters. For 2018 he predicts why and how the art of investment will depend so much on…introspection, involvement & intuition.


Readers of Hong Kong’s Most Valuable Companies look forward to select regular features on money matters and one of them is this – an annual commentary from one of Hong Kong’s most respected and independent financial advisors – M. F. Chan, Managing Director of Noble Apex Advisors Ltd.

Known for his outspoken views on market sentiment, investment trends, investor behavior and savings patterns, Chan remains a pragmatic student of reality and that’s what puts him in a class of his own.

Ever open to opportunities, he has lived through and seen the spoils of speculation, the disasters of financial tsunamis, the rewards of disciplined investment habits and the merits of client-specific managed funds. His views today are of unprecedented importance as the world seems poised for a paradigm shift. The appearance of crypto currencies and their speculation-fueled march toward heaven have taken the investing world by surprise. Precious metals, commodities, retail, real estate and inflation are pulling investors in all directions asking the proverbial “man-on-the-street” stands quizzed. Is this a growing bubble or has the revolution finally arrived? There is no straight answer, most say. Not M. F. Chan.

“View investment as a part of life and not life as a part of investment. Stay vigilant and invest wisely.” – M.F. Chan

Let’s Be Sensible, Please

“What is the goal of investment? Is it to grow richer? And how richer is richer?” he asks in his characteristic way.

“Trends must be seen for what they are and treated as such. If the goal is to make reasonable and steady returns, I am all for it. But don’t ask me to applaud ‘bandwagon syndrome’ because I’ve seen many bandwagons race off the cliff taking their riders with them.”

Let’s view the current market scenario, as usual.

“There is no immediate threat to the Hong Kong economy so there are many stable opportunities for investors here and the market still offers modest returns.

More than 70% of the stock market comes from China companies so you can say, the future is ‘red’. On the regulator’s side, SFC is now more ready to talk about market reforms; for example, on accommodating market changes like Fintech sector. SFC is trying to have a tighter control on small companies like those listed on GEM. These are the dynamics between the regulator and market practitioners.”

Empowering Consumers

Noble Apex’ popular iFund is an online wealth management product platform used by individual and institutional investors.

“We started with Hong Kong authorized funds but over time we’ll put other investment products on the platform. We started with a sort of DIY module where investors can get online, research their investment choices and products and place their order by themselves. In Stage 2 we plan to roll out a robo-advisor service so investors gain the combined knowledge and experience of our company, which helps them make an informed choice. Interactive dialogue will lead the investor to the final decision based on one’s risk profile and appetite. This is the future of investments,” Chan says.

“This is good because when you comply with SFC requirements, you have to monitor and control the outflow of information and advice. Further, this interactive robot facility will help in dealing with overseas clients too.”

“Investment is also about involvement where you understand and appreciate your commitment, instead of putting your hard earned dollars on a balloon rising by hot air. Investment is about intuition born from experience and knowledge, not from hope and luck.” – M.F. Chan

Opportunities Overseas

“Property investment in Canada is a growing trend for Hong Kong Canadian “returners” and Hong Kong Chinese looking to buy for their children. Ever since we started our one-stop-shop the market has shown increasing interest. We help source property, referral mortgages and manage the rental as well. All our investors do is sit back and enjoy the stable returns. You can get a 2-3 bedroom apartment in Toronto (for around 700 thousand Canadian Dollars up) for 20-30% lower than in Sydney. In Vancouver, apartments would be cheaper than Sydney by about 30% and the market potential is higher due to the shortage of new supply. We have regular ‘walk-in’ investors who are often pleasantly amazed to discover the value of the real estate opportunities we offer. Compared to the yield from the Hong Kong residential and the current market prices, Canada is far more cost competitive.”

On the Horizon

According to Chan, the US Fed will raise interest rates slowly and that will impact the investment opportunities and consequently patterns everywhere. Gold will remain stable and will be a safe bet against political uncertainty.

The mad rush for crypto currencies will come to nothing as long as governments don’t legalise it and that they are hardly likely to do, Chan feels. “I don’t see Bitcoin replacing the USD or RMB. Do you?” he asks.

“Govt is authorized by law to print money. You can’t hedge your bets on a currency that has no legal standing and merely because there is limited supply.”

“This is speculation. Investment is about introspection – when you see clearly what your purpose of investment is. Is it to get a steady flow of modest passive income or to risk your money on a speeding runaway train to nowhere.

Investment is also about involvement where you understand and appreciate your commitment, instead of putting your hard earned dollars on a balloon rising by hot air. Investment is about intuition born from experience and knowledge, not from hope and luck. Be wise and stay safe. View investment as a part of life and not life as a part of investment. Stay vigilant and invest wisely,” Chan concludes.

For additional information, please visit www.nobleapex.com


參透投資的藝術 | 御峰集團

過去十年的沉穩思考、不因潮流而動搖的投資意見以及對前景的保留,令香港陳茂峰博士的言論往往成為市場的「另類聲音」,卻又是財經和投資相關話題的權威。對2018年,他預言投資的藝術為何及如何取決於……自省、參與和自覺。

御峰董事總經理陳茂峰博士

《香港最有價值企業》的讀者每年都期望閱讀有關投資理財的專題,這篇就是其一:香港一位最受敬重的理財顧問、御峰理財董事總經理陳茂峰博士的訪問。他每年都為行業和市場作出具前瞻性的評論。

陳博士以敢言見稱,他對市場氣氛、投資趨勢、投資者行為和儲蓄模式皆有獨到見解。但他仍然是實用主義的信徒,自成一格。

陳博士經歷過多次的「大時代」,見盡投機帶來的傷害、金融海嘯的災難、規律投資習慣的回報以及以客為本管理資產的好處,對投資機會抱持開放態度。陳博士過去幾年對行業的預測,不少已經言中。世界似乎迎來新的範式轉移,在此時陳博士的見解更為重要。虛擬貨幣的出現以及由投機者引發的急速升勢令投資世界一陣錯愕。貴金屬、商品、零售、房地產以及通脹等走勢環環相扣,考驗一般人的智慧。到底這是一個正在膨脹的泡沫,還是變革終於來臨?大部份人會瞠目結舌,不知所言。但陳博士例外。

請大家保持理智

「你的投資目標是甚麼? 是想令自己更有錢? 怎樣才算更有錢?」他以頗具風格的方式問。

「我們必須了解趨勢的本質並以其本質對待之,如果投資目標是爭取合理且穩定的回報,我會認同。但請不要迫我坐上潮流的快車,因為我看過很多快車跌落懸崖,車毀人亡。」

且讓我們回顧目前的市場情況。

「香港經濟沒有即時威脅,投資者可尋找不少提供平穩回報的機會。

中國企業已經佔股票市場超過 70%,所以你可以說,未來一片「紅」。市場監管方面,證監會已準備好更多的市場改革,譬如說提供措施適應如 Fintech 等市場改變。證監會亦嘗試收緊創業板上市企業的監管。這些都是監管者與市場參與者的互動。」

讓客戶自主

iFund是御峰建立的網上理財產品平台,個人投資者和機構投資者皆給予相當不俗的口碑。

「我們先由香港證監會認可的基金作起步,未來會陸續增加其他投資產品。我們起初的理念是讓投資者『DIY』自主投資,投資者按其喜好和需要作出投資選擇並買賣投資產品,簡單便利。第二階段我們計劃推出智能投顧(Robo-Advisor)服務,投資者融合我們的知識和經驗,作出有質素的選擇。網站的互動對話是基於客戶的風險承受能力和風險胃納,逐步引領投資者至最終投資決定。這是投資的未來。」陳博士透露。

「當你希望達到證監會的各項要求時,便要監控投資資料以及意見的流出,智能投顧服務在這方面恰到好處。再者,這智能互動系統也適用於身處海外的客戶。」

海外機遇

「香港人投資加拿大物業有增加的趨勢,不少人是加籍港人回流或為子女而買。自從我們推出一站式海外物業代理服務後,市場對投資於海外物業的興趣日漸濃厚。我們協助提供當地樓盤、轉介申請按揭以及租管服務。客戶投資加拿大物業便可享受穩定的收入回報。多倫多23房單位(售價約70萬加元起)較在悉尼便宜約兩三成。而在溫哥華,公寓的價格一般較悉尼的便宜約30%,而且新單位供不應求,物業升值潛力較高。一些沒有預約的客戶,了解到我們提供的服務以及發現海外物業市場的投資價值後,往往嘖嘖稱奇。與香港住宅物業市場提供的租金回報率以及現時樓價相比,加拿大明顯具有成本優勢。」陳博士說。

展望將來

陳博士認為美國聯儲局將會緩慢加息,這對於環球各地投資機會以至投資環境皆有影響。黃金走勢將維持平穩,並會在政治不明朗的環境成為避險工具。

現時很多人湧向虛擬貨幣。陳博士表示,只要政府不承認虛擬貨幣合法、事實上也難以承認其合法,虛擬貨幣的「瘋潮」難成主流。「我不認為比特幣可取代美元或人民幣,難道你認為會?」他問道。

「政府獲得法律授權印刷鈔票。你買入一沒有法律基礎的貨幣,僅僅基於其有限的供應,是難以期望穩賺不賠的。」

「這顯然是投機。但投資是講求自省。了解你的投資目的。你是想要穩定現金流作被動收入?還是想冒險將資金投放於不知道目的地的順風車?

投資亦講求參與,你要明白甚至身心投入,不可能將辛辛苦苦賺來的金錢放在熱汽球上,由它高飛。投資也講求從經驗與知識而來的自覺,而非虛望與運氣。要明智及注意安全,視投資為人生的一部份,而非人生為投資一部份。保持警惕及明智地投資。」陳博士總結。

如欲知悉更多資料,請瀏覽: www.nobleapex.com


Hong Kong’s Business Leaders share market and interest intelligence in the pages of HKMVC 2018